Nutmeg’s chief executive Neil Alexander has left the digital wealth manager one year after its acquisition by JP Morgan Chase.
Alexander (pictured) succeeded Martin Stead as the firm’s top boss in January 2020, having previously been joint CFO and COO.
A filing from Companies House, published Thursday, shows he was terminated as a director on 30 April 2022. According to his Linkedin profile, he is “taking a break” and has been self-employed since June.
Nutmeg was acquired by JP Morgan for a reported £700m last June, as part of its ambitions to launch its own digital bank in the UK under the Chase brand.
Sanjiv Somani, head of Chase’s international consumer business in the UK, will now take on responsibility for Nutmeg.
He will continue to work closely with chief operting officer Matt Gatrell, chief investment officer James McManus and chief risk and compliance officer Darragh Geraghty on the day-to-day running of the Nutmeg business, a spokesperson told Portfolio Adviser.
Commenting on Alexander’s departure, Sanoke Viswanathan, CEO of international consumer business at JPMorgan Chase, said: “Neil has been a tremendous partner over the past year and we wish him the very best of luck in the future.”
Despite the change in ownership, Nutmeg has still not yet turned a profit. In 2021, the robo adviser’s losses were £19.3m, up from £15.1m the year before as its operating expenses rose to £37.3m.
However, its revenues shot up 71% year-on-year from £12.6m to £21.6m.
